If you select the IPO category on the drop-down box here at LifeScienceDealFlow.com one can observe the tracking of the 2009 life science initial public offering story play out – you may also note perhaps a slight bias too, that is solely coverage of the US public markets have been delivered to date. Now Belgium-based Movetis, NV has announced a plan listing on the Euronext. So is there any rationale for excluding the Non-US companies from our IPO tracking? Bueller?…

Movetis plans to raise up to $167M priced a 11.25€ – 14.25€ or as-of today 23 Nov, where 1 Euro equals $1.49 US, a range of $16.84 – $21.33.

The Company, a 2006 spin-off from Janssen Pharmaceutica (a Johnson & Johnson company (NYSE: JNJ)), is focused on the discovery, development and commercialization drugs for the treatment of gastrointestinal diseases with high unmet need. The lead product Resolor® (prucalopride) has recently received marketing approval from the European Commission for the symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief. The expected launch of Resolor is 1Q10, and thus use-of-proceeds from the planned IPO will be allocated, in part, to the sales & marketing efforts.

The commercial-stage status of Movetis bodes well for a potential warm reception from investors relative to earlier-stage companies trying to come public these days.

In the US and Europe, an estimated 200 million people have some form of GI disorder, the segment has a number of disease areas where there is a high unmet medical need and this is where Movetis is focused, candidates in development address GI disorders such as severe chronic constipation, ascites, paediatric reflux, and severe forms of GI motility disorders such as refractory GORD (Gastro-Oesophageal Reflux Disease).

Movetis secured €60.8 million of funding in December 2006 from EU and US venture capital investors (Sofinnova Partners; Life Sciences Partners; Sofinnova Ventures, KBC GIMV; Quest for Growth; BIP) including €11.8 million from Johnson & Johnson. At the same time it entered into an intellectual property and rights transfer and license agreement with Johnson & Johnson that secured the rights to its current product portfolio. The Company has also received several grants totaling €3.45 million from the Flemish government as a part of collaborations with academic partners in Belgium and the Netherlands.